Fannie Mae 2005 Annual Report Download - page 122

changes. Table 22 presents our conventional single-family business volumes for 2005, 2004 and 2003 based on
these risk characteristics. We typically obtain the data for these statistics from the sellers or servicers of the
mortgage loans and receive representations and warranties as to the accuracy of the information. While we
perform various quality assurance checks by sampling loans to assess compliance with our underwriting and
eligibility criteria, we do not independently verify all reported information. As noted above, we generally have
access to detailed loan-level statistics only on conventional single-family mortgage loans held in our portfolio
and backing Fannie MBS (whether held in our portfolio or held by third parties).
Table 21: Risk Characteristics of Conventional Single-Family Mortgage Credit Book
2005 2004 2003
Percent of Book of Business
(1)
As of December 31,
Original loan-to-value ratio:
(2)
⬍=60.00 ............................................. 26% 26% 26%
60.01% to 70.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 17 17
70.01% to 80.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 40 39
80.01% to 90.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 10
90.01% to 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 8 8
Greater than 100% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — —
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% 100% 100%
Weighted average . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70% 70% 70%
Estimated mark-to-market loan-to-value ratio:
(2)
⬍=60.00 ............................................. 60% 53% 43%
60.01% to 70.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 20 22
70.01% to 80.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 18 24
80.01% to 90.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 8
90.01% to 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 3
Greater than 100% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — —
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% 100% 100%
Weighted average . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53% 57% 60%
Average loan amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $129,657 $125,812 $122,901
Product type:
(3)
Fixed-rate:
Long-term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65% 64% 64%
Intermediate-term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 24 27
Interest-only . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — —
Total fixed-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 88 91
Adjustable-rate:
Interest-only . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2 1
Negative-amortizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1
Other ARMs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 7
Total adjustable-rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 12 9
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% 100% 100%
Number of property units:
1unit................................................ 96% 96% 96%
2-4 units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% 100% 100%
Property type:
Single-family homes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92% 93% 93%
Condo/Co-op........................................... 8 7 7
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% 100% 100%
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